Hedge fund closure raises fresh doubts about revival

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A high-profile hedge fund set up only two years ago by a former Goldman Sachs executive is to close because of “unprecedented market conditions”.

The announcement yesterday by Mayfair-based Edoma Partners comes at a tough time for the industry and raises questions about any pick-up in European activity over the short term. Edoma was set up by Pierre Henri Flamand, Goldman’s former head of proprietary trading, in 2010 and raised more than $2 billion at the time. However, customers started to withdraw cash this year, and the firm’s managed assets had reduced to $885 million.